Global Real World Evidence Solutions Market Report and Forecast 2024-2032

Global Real World Evidence Solutions Market Outlook

The global real world evidence solutions market size reached approximately USD 2.00 billion in 2023. The market is projected to grow at a CAGR of 12.60% between 2024 and 2032, reaching a value of around USD 5.84 billion by 2032.

Key Trends in the Market

Real world evidence (RWE) solutions refer to methods, approaches, and technologies used to gather and analyse data from real world sources outside of traditional clinical trials. These solutions aim to generate insights and evidence regarding the safety, effectiveness, and value of medical products and interventions in real world settings.

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• The real world evidence solutions market demand is being aided by the surging use of such solutions in clinical applications. Real world evidence complements traditional clinical trial data as it reflects the use and impact of healthcare interventions in diverse patient populations, real world clinical practices, and everyday settings.

• Regulatory agencies, such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA), have shown an increased willingness to incorporate real world evidence into regulatory decision-making. They have issued guidance and frameworks to encourage the use of RWE in drug approvals, label expansions, and post-marketing surveillance.

• One of the major trends driving the real world evidence solutions market is the availability of advanced analytics techniques, including machine learning, artificial intelligence, and natural language processing, among others. The adoption of these technologies and techniques has enhanced the ability to extract meaningful insights from complex real world datasets. These analytical tools also help identify patterns, trends, and correlations in the data, enabling more accurate and actionable real world evidence.

Market Analysis

Based on components, the market is segmented into consultation services and data sets. On the basis of application, the market can be divided into drug development and approvals, medical device development and approvals, reimbursement/coverage and regulatory decision-making, and post-market safety and adverse events monitoring.

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The market, based on end-user, can be divided into healthcare providers, healthcare payers, and pharmaceutical and medical device companies, among others. The major regional markets for real world evidence solutions market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global real world evidence solutions market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans.

• Iqvia Holdings Inc.

• Thermo Fisher Scientific Inc.

• Parexel International Corporation

• PerkinElmer Inc

• ICON plc

• Syneos Health

• Medpace Holdings, Inc

• Flatiron Health, Inc.

• SAS Institute Inc.

• Cardinal Health, Inc.

• Others

Market Share by Application

The utilisation of RWE solutions in drug development and approvals is expected to significantly increase in the projected period. These solutions offer pharmaceutical companies and healthcare providers and payers efficient operational management capabilities, thereby expediting the drug development and approval process.

Market Share by End User

Healthcare companies are expected to account for the majority of the real world evidence solutions market share. This is primarily attributed to the increasing significance of real world evidence (RWE) studies in the drug approval process, evaluation of drug performance in real world settings, and mitigation of the risk of drug recalls.

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Real world evidence plays a crucial role in several important processes. It aids in identifying the specific patient cohorts that can derive the most benefit from a particular intervention or treatment. By analysing real world data, healthcare companies can understand how interventions perform in diverse patient populations, helping them tailor therapies to maximise efficacy.

Competitive Landscape

Iqvia Holdings Inc. is a multinational company that provides information, technology, and services to the healthcare industry. Formerly known as Quintiles IMS Holdings, the company changed its name to Iqvia in November 2017. The services offered by the company include clinical research services, real world data analytics, commercial solutions, and technology platforms.

Thermo Fisher Scientific Inc. is one of the largest companies in the scientific research and laboratory equipment sector. It is an American corporation that offers a wide range of scientific research services, laboratory equipment, reagents, consumables, software, and related services. It was established in 2006 as a result of the merger between Thermo Electron Corporation and Fisher Scientific International Inc. The company's headquarters are presently located in Massachusetts, the United States.

Parexel International Corporation is a leading global clinical research organisation (CRO) that provides a wide range of services to the biopharmaceutical and medical device sector. The company was founded in 1982 and is headquartered in North Carolina, the United States. Parexel offers services throughout the drug development lifecycle, from early-phase clinical trials to post-approval studies.

Other market players include PerkinElmer Inc, ICON plc, Syneos Health, Medpace Holdings, Inc, Flatiron Health, Inc., SAS Institute Inc., and Cardinal Health, Inc among others.

Key Highlights of the Report